Renovated Five-Family Apartment
For Sale
$2,300,000
427 Convent Avenue, New York City, NY 10031
Fully leased configuration includes a three-bedroom duplex and four studio apartments.
Property Size2,688 SF
Lot Size0.03 Acres
Price / SF$855.65
Days on Market101
Property Features for 427 Convent Avenue
General Information
Standard status
Active
Size
2,688 SF
Lot size
0.03 Acres
Property subtype
Multi Family
Occupancy
100%
Units
Unit Mix
1 x 3BR/3BA duplex, 4 x studio
Multifamily Units
5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$7,764
Amenities
garden
washer/dryer
Building Details
Building Size
2,688 SF
Year Built
1926
Year Renovated
2016
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Howard Hanna NYC
(914) 261-9594
Listed By:
Adam Feinberg
(914) 261-9594
Source:
Miradorrealestate
Added: Apr 27
Changed: Aug 4
Last Checked: Aug 5 at 4:42AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna NYC
Investment Insights
Based on property information with market context.
This five-family apartment building is a 1926 townhouse renovated in 2016. The unit mix includes a three-bedroom, three-bath duplex across the garden and parlor levels, plus two studios on each of the third and fourth floors. The duplex has high ceilings, a washer and dryer, and access to an approximately 425-square-foot garden. East- and west-facing exposures bring natural light into the building, including the garden level. Building systems, including the boiler, roof, and meters, were replaced during the renovation and have been maintained since.
Located at 427 Convent Avenue in the Sugar Hill Historic District of Hamilton Heights, the property is near the City College campus. Five subway lines and five parks are within a 10-minute walk. Convent Avenue is primarily residential, with limited vehicle traffic. The property is fully leased with market-rate rents and offers a 5%+ cap rate.
Located at 427 Convent Avenue in the Sugar Hill Historic District of Hamilton Heights, the property is near the City College campus. Five subway lines and five parks are within a 10-minute walk. Convent Avenue is primarily residential, with limited vehicle traffic. The property is fully leased with market-rate rents and offers a 5%+ cap rate.
Key Highlights
- Five‑family apartment building built in 1926 and renovated in 2016
- Fully leased with market‑rate rents and a 5%+ cap rate
- Unit mix includes a three‑bedroom, three‑bath duplex and four studios
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $161.0k | $59.88 |
| − Vacancy | −$8.0k | −$2.99 |
| EGI | $152.9k | $56.89 |
| − OpEx | −$68.8k | −$25.60 |
| NOI | $84.1k | $31.29 |
2,688 SF · lease $59.88/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $84,100 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.69M
$5.85M – $7.81M
NOI $468,357 @ 7.0% cap · market cap 20.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,132
Businesses Nearby
Explore this area
Business Placement
Demographics for 10031, NY
56,363
Population
24,110
Households
2.3
Avg Household Size
36
Median Age
41%
College-Educated
79%
High-School Grad
0.7 sq mi
ZIP Area
80,519
Density / Sq Mi
$65,067
Median Household Income
$41,149
Median Earnings
$1,787
Median Rent
$678,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully leased configuration includes a three-bedroom duplex and four studio apartments.
Where is this apartment building located?
The property is located at 427 Convent Avenue New York City, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Five‑family apartment building built in 1926 and renovated in 2016; Fully leased with market‑rate rents and a 5%+ cap rate; Unit mix includes a three‑bedroom, three‑bath duplex and four studios
